The project, due Dec. 4, follows last year's The Sound of Music, which starred Carrie Underwood and got great ratings (and lesser reviews). And Fox plans a live version of Grease next year. Neil Meron and Craig Zadan, who produced Sound, will be back.

"I started my career in musicals and it's wonderful after all this time, at this point in my career, to be in this classic musical I watched as a child and to work with Neil Meron and Craig Zadan again after Hairspray," Walken says in a statement. "It's a chance to put on my tap shoes again."

Added NBC Entertainment chairman Robert Greenblatt: "He's not only one of the most versatile actors in our business, but his love of musicals and uncanny abilities as a dancer make him perfect for stepping into this classic James M. Barrie character."

Who will play the title role? Greenblatt says he approached Kristen Bell, but she was busy with Showtime's House of Lies, and later revealed her pregnancy. A leading Broadway actress was approached but is tied to a current hit. But the role will definitely be played by a woman. He expects to complete casting "soon." Rehearsals start Oct. 5.